Even if you’re behind on your retirement savings, there are various ways you can save for and fund retirement. Here are nine ways you can do both.
Social Security: Benefits are based on the highest 35 years of earnings. Every year a person delays claiming, benefits increase by approximately 7% (delaying from age 62 to age 70 results in a cumulative 76% increase). Couples would be wise to explore claiming strategies.
Pension: If eligible to receive a pension, speak to human resources about potential benefits, including if there is an option for a survivor benefit.
401(k) Plans (and similar workplace retirement plans): Up to $18,000 per year plus an additional $6,000 catch-up contribution for those age 50 or older can be contributed annually. If an employer match is available, try to contribute enough to maximize it if unable to save the maximum $18,000/$24,000.